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HomeMy WebLinkAbout0996 9. Tu deli~er ~ny abstr~~t or abstrxcts uf titk ~sr t~tlt msurancr pc~6ry o? pul~ctis ~'uvei~ng Iht plotlgagcd p~uprrty tu \lu~tgagrc or its Jea~gnatrA agent, whi.h shall at aU tunrs dunnK thr lik uf tAis mung~gr, remain in thr pussesswn ~~i the ~turt- Kagre and in e~~eM of the foterlusurr of this mort~agt ~II Nght, titlt ~nd intrrest of the Alurtgagor in and tu ;~n)' such abst~act or uUe shall pass to the pwchaser a1 furcclosure, however, all mong~gee title insur:?nce polici~s'shaii remam the prope~ty ot \lortgagee. 10, That no wairrr of any rorenant hrrein or in the obligatans serured heroby shall at any time herraftc~ be hrld to ix a w•aiver of a~y of the other tarms herruf or of the notes secured feereby, nor may Alortg~gor rely on any ~uucse uf cunJuce by Mortgagee not specifk~ally requircd by this insttument. '['~wt the Mortg~gea, without notice, may agee with any par~y obli~tated on sa~d ~ndebtodness, ot hav~ng an interesl in ihe security desctibrd hetein,•to renew ot extend the time !or paymrnt u! any part or all of ihe indrbtedness srcured hereby, without in :,ny way afftcting either the 6en hereof o~ the liability of any uther party. I l. That irt urder to acalerate the maturity of 1he indebtedness hereby secured because uf the failurr uf the Nortgagor to pay any tax assessment, liability, obligation uf encumbrance upon said pruperty as herein provided, it shall not tx necesvey ~ nor tequisite Ihat Ihe Afurtg:~ee sFuU first pay the same. 12, That if tAe Mottgagor shall fail, t?eglcct or rrfusc fot a period of ten (10) days fully ard promptly to pay the amuunts required to be paid by the nutes heteby secured or the interest therein specif~ed or any of the sums of muney herein ref~rred to or herrby secured, or otherveise duly, (uUy and promptly to per(orm, execute, comply with and abide by~ each, evep~ or any of the co~tinants, conditions or stipulatiuns of this mortgrge, the ptomissory notes hereby serured and/or thr constructian loan agirtment, if any, then, and in either o~ in aay of wch events, withou( notice ur demand, the said aggegate sum mentioned in said promissory notes, less previous payments, it any, and any and aU sums mentioreed herein or secured hereby shall become due and payable forthW~th ot thereafter at the continuin~t option of the Nortg~tce as fally and completery as if said aggrrgat~ sums w~erc originally stipulated to be paid as such time, anything in said promissory notes or herein to the contrary notw•ithstanding, and the Mortgagee shall be entiUed thereupon or thettaftet without notire or demand to in'stitute suit at !aw or en e~uity to enfurce ihe right of the Mortgagee hereunder or under said promissory notes. In the event of any defrult or breach un the part of the Moitgagor hereunder or under sud promissory notes, the Mortgagee shall have the continuing uption to enforce payment of al! wms secu~rd hereby by actiun ai law or by suit in equity to forcclose this mortgage, either or both, concurrently or other wise, and one action or suit shaQ not abate or be a bat to or waiver of the Afurtgagce's right to institute or main[ain the other, pro~ided said Nottgagee shall havc only one payment and s~tisfartion of vid indrbtrdness. 13-A. That it? the e~ent ihat 111ortp~gor shall (1) con~ent to the appointmrnt ol a rrceitiYr, uustee or Ipuidatur of :~11 or a substantial part oi Mortg~gor's assets, or (2) be adjudicated a bankrupt or insol~~ent, or file a voluntary petition in bankruptcy or ~Jmit in-wTiting his inabifiry to pay his dzbts as they become due, or (3) make a grnrrat assignmeat for bertefit of crtditors, or (4) fele a petition or answ~er seeking teorganization ot arrangement w~ith creditotc, or to take advanta~e of any snsol~•ency law, or (t) file an ansvrer admitting any of the material allegatiuns of a petition filed a~amsl the btortgagor in any bankruptcy, re- or~anization or insolvency pro~~reding, or (6) artion shall be takrn by the ~fortgagor for the purpose of effecting an~ of the fure- gaing, or (7) any order, judgmrnt ot decree shall be entered upon an appliration of a creditor or l~fortgagor by a~o~rt ut cum- petent jurisdiction approving a petition seeking appoinlme~t of a receirer or tructc~ of aU or a substsntul part ot the ~fortK:+gor's assets ~nd such order, judgment or decree shall continue unstayed and in effect for any period uf thirty (30) consecutive da>s, thc Mortgage~e may declarc the notes hereby secured forthwtith due and payable, w•hereupon the principal of and the intercst accrued on the notes and sll other sums heteby secured shall bea~me forthw•ith due and payabk as if all of thr said sums of money w•ere otiginally stipulatrd lo be paid on wrh day: and thereupon the Mortgagee without notice or demand may prosecute a suit at law~ and/or in equity as if all monies secured hereby had rrutured prior to its enstitelion. 13-B. That in the event the premises harcby mortg;~~i, or an}• part hrreof, shall br condrmned and taken for public use under the power of emincnt domain, 1lurtgagee shall have the ri~M to require that all damages avrarded for the takinK of or ~dam:ige to s:?id ptrmises shaft 6e psict to the blortgrger, not to cx~red the thrn unpaid balance of this mortgage and an~• sum se:ured thcreby, and at the upt~on of the \lortgagec surh amounts ma}~ be ap~lied upun the paymcnt or pa> menh last pa~ able htreon. In the event it beromes nececs;~ry for the \torty,agee to emplu~• roun~el to protert iis interest at any condemnatiun proceedings, the ~lortgagor shal! immedirtely upon demand reimburse thr ~tortgagre for aU rrrcorwbk exPrnses and attorne~•s' frrs thus incurted, and all such sums shaU be dremed ~ecurrd by the lien of this mortgage. ~ 14, That the ~furtEagee or any person authorized by the Atortgagee shalf have the rittht to tnter upun and mspert thr ~ mortgaj;ed premisrs ai a!) reasonable times. ~ ? !S-A. That to further xcure payment of ihe indrbtednesc of the ~t~~rtgagor to the 111ortgape~, the Mortgagur does herehy f ull, assign, transfer and sat u~er unto the ~Iortgager all of thc rents, issuec, and profits of the mott~ted prcm~se~, and Nortgegee ; rtuy~ at its option del~y cnfvrcing this assignment uniil any default being made by the~ Mottgagor under the terms of this mortgage ~ the notes secured hereby, and such auignr?rent in any event s4a11 remain in ful! force and effect so bng as any default cuntinues to exist in the making ot any of ~he pay~ments or the performance of any uf the covenants of this mortga1te or the notes secured hereby, and the ~tortgagee shall ha~•e the right to enter upon the premises and collect same dircctly from perwns en pocsecci~n. ~ \tortga~tor agrers to execute any furthet documents evidencing such assignment as ~iortgagee may reasanably request f:om t:me . j to t~me. ' : _ ~ 15-8. That in the ecent thai at the beginnin~e of or aj any time pending any suit upun this murtgage,or to foreclose it, or 3 to reform it, and/or to enforre payment ui any claims hereunder, s•rid Atortgagee ~hait appi~• to the court haaine jurisdiction ~ thereof for ihe appointmrnt o! a Rereiver, such rourt shall fonhwith appoint a Receiver of said murt~erd propert~ all and sin~ular, including all and singular rents, inrome, profits, issues, and re~enues from whatever wurce derived, rarh and every of i which, it being expressly underst«rd, ic hereb}~ morlg:~ed as ii specifically set forth and drseribed in the granting and habendum clauses hereof, ot rny exh~b~ts hereto, and surh Recei~•er shall have all the broad and effect~ve function~ and pow•ers in an~ w ise = entrusted by a court to a Recriver, and surh appointment sha0 be made bl- cunc ~aurt ~s an admitted rquh~~ and ~ m~tter oi ab- x~lute right to said Afort~agee. and aithuut refcrenre to the adequac}~ or inadeyuar~~ ui any rcmedy at law~ ur ~.f the ;?dequar}• ur inadeyuacy of the value oC the prupert~~ mongagrd or to Ihc wlvenc>• or imi~lven~w• of said !liortg:~or or of any or ali of the Je- feiulants, and that such tents, profitc, income, issues and rerenues shall be applied by wrh Rereiver arrording to the lien and/or equity of said Morigagee and the pract~i-e of sunc ~ourt. 16. To pay all and singular the costs, chantes and expenses, inrluding reasonabk lawyer's fees and fees for appellate w•ork and costs of absuact of litle, incurred or paid at any time by said liort~zagee because ar~d/or in the erem oP the failure on the = part of the said ~artgagor to duly, promptly and iully perfotm, dixharge, execute. effect, complete, ~vmply with and abide by = each and every the stipulations, agreements, conditions and rnvenants of said promissory notes and this mortgage, any or either, and said cost~, charges and expences, earh and everv, shall be immediately due and payable, w•hether or not there be nutice. demand, attempt to collect or suit pending; and the full amount of each and every svch payment shall bear interest from tix date thereof unti! paid at ~he s~me rate as is specified, in the notes secured hereby, as payable after default in payment of saed ; notes and all said costs. charges and e~penses so inrurred or paiJ. together w~ith wch interest, shall br secured by the lirn of this = mort~rage. . a 17. That 1i~~rt¢agor u~ill not permit an.~ other tiens, murtga~e~ or encumbranres :~ainst the sau! premises, and if an}• such ; liens, mort~ages or rncumbranre. are incurred. whether paramount or wburdinated to this mortgage, Nortgagor w~ll cause ,uch liens, mortgages or encumbrances to be dischatged immediately. Without limiting the foregoing, should there be a lirn super:or in digniry to the lien of this mortgaRe a~ith ?1lorigagee' ronsent. it ic convenant and agreed that should the terms ~if a lirn superior in dignity tu that c~f this mvrt~a~e be mixlified, altered or vaned without the w~ritten .onsent of the 1lorig.~gCC hecei~l. or ~hould any lien superior in dignitp to that of this murtgagc hr or be~omr in defauft, then ar~d in such rveni lhe lfortgagee herein may at its optiun arcelerate the indebtrdneu secured by this ~twrtgake and declare the ~me tu be all due ;,nd pa~able - aithout notice ro~tortga~ur or an~~ other prrson. ~ 18. Nort~ger shall ha~•e the r~~ht to eharge am• of b(ort€agur'c acrountc w•ith ~tort¢agee for aoy~ sum~ payable as pru- ~ tiided herein or in the promi+st~r}~ note ~ecured hereby as wrh t~e:c~me. due. - 19. If the \iorlRa~ee reyue~tc, ~tortgag~~r wi0 fumich the ~fort¢r~ee annually from the date uC thiti mortgage m,trumrm. unletc wme other date ic sgreed to between the partiec in w~riting, a~ertified audited financut statement of the lforte3Kar anei ~ annual comptete statementc of 1lnrtgagor. If the ~fort~gor'c fixal calendar yrar shall not roincKie with the date herein spe:ifi~d, ' then the date which the ~f~,rtgagee shall lpecify shall be controlling. )tortgagor ~hall supply ~turt~agee with such other finanrial ` statements as iturteagee may from time to time reque.t. 20. No n~ht or remedy prctieded herein fot the ~1nrtYaxe~ ur pruvlded tor the ~turt~agee in the nvte cerured hereb~~ .hall be cumulati~~e and ce~~erable. 21. It ic undenhwd rnd agrced that this mart~a~e ~s gnen to .erure, in additwn tu the note or obli~auon attached hereto, any additional toans or future ad~ances made w~~thin the term of this mort~~e luan to said ~tort~a~eors or any suc~~su~r in title uf said ~tortgagors of the property hereby ~om•e~~ed; pr~~vided that [he total unpaid balance of the indebtednesa secured hcreb~ at - any one timc shall not exceed S 1~i _7~~ . Q ~ plus interest theron plus any disbursementc made by the ~tort~agee for the payment of taxes, lev~es, msurartce or other charges on the property rnrumbered hereby, with interest on wch disburcements, court costs and attorney's fees, including fees for appellate work. ~ 22. This mortga¢e is su6ject to the terms, provisions and conditiuns e~f that certain <'onstruction l.oan Agreemrnt datrd ; , and said Construction Lu;~n :~greement is hp reference in.orpurated herem and made a part hereof. Uefault in ihe terms of the ConsUUClion Loan A~rtement shall .vnstitute a de(ault under the mortga~e_ w f • ' ~ f J. \ ,U ~1 ~j~ 600K~W PAGE ~ ; _ _ . - - - .